It is well known that a property focussed loss adjuster is not the ideal person to deal with business interruption losses. However will the forensic accountant fare much better when appointed late in the day and only after a dispute on cost has arisen?
When reviewing their reports together do you have a joined up scenario and action plan? Are the mitigation aspects addressed in a workable cohesive manner or are they pulling in opposite directions? For example trying to clean essential equipment might save on replacement costs but the time taken, especially if the cleaning proves unsuccessful, causes lengthy delay to earning turnover.
Do you find the accountants are fully conversant with financial analysis but direction and strategy, application of policy terms and negotiation of settlements fall outside of their desired remit?
We advocate a joined up approach with the adjuster and forensic accountant appointed at “day one” to work together to reduce the disruption on a business and thereby any eventual insurance claim. This proactive approach brings the insured “onside” and allows the best plans for restoration, provides a sound base for the decision making process, and gives early knowledge of the financial implications of insured and uninsured aspects. All these augur for beneficial settlement rather than a dispute when it is too late to close any gaps.
Our combined loss adjusting and forensic accounting skills bring this joined up role into being. These services can be used on a stand-alone basis or in conjunction with the panel adjuster. We are also happy to work with your nominated forensic accountants to ensure one joined up report and to take on the negotiation and settlement aspects thereafter.
We do not advocate the practice, usually seen in adversarial commercial disputes, of appointing forensic accountants after the final figures have been submitted just to tear through the numbers.
The benefits to you are:
- Early involvement in the decisions to restore the business to mutual advantage
- Control over the whole claim and not just material damage costs
- Joined up reporting
- An Insured who knows early the level of financial commitment to any uninsured aspects
- A continuous monitoring of the effectiveness of mitigation and impetus to restore the business
- Less dispute at the time of submission of final claim
- Final negotiations from an in-depth understanding of the business, the claim and the figures
